New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 19

19 Amount of contributions

(1) The amount of contributions to be paid to the Fund by each contributor shall, subject to this Act, be based upon the amount of the lump sum benefit for which he is contributing and his age next birthday at the time the contributions or increased contributions become payable and shall be in accordance with the table of contributions contained in Schedule 2 and with subsection (2).

(2) Where the lump sum benefit for which a contributor is contributing is:

(a) less than two thousand dollars, the monthly contributions to be paid to the Fund by him shall bear to the appropriate monthly contributions specified in Scale 1 of the table of contributions contained in Schedule 2 for a benefit of two thousand dollars the same proportion as the benefit for which he is contributing bears to two thousand dollars, or

(b) more than but not a multiple of two thousand dollars, the monthly contributions to be paid to the Fund by him shall be the sum of:

(i) an amount equal to the monthly contributions specified in Scale 1, or Scale 1 and Scale 2, as the case may require, of the table of contributions contained in Schedule 2 that are appropriate in respect of so much of the benefit as is two thousand dollars or a multiple of two thousand dollars, as the case may be, and

(ii) an amount that bears to the appropriate monthly contributions specified in Scale 2 of the table of contributions contained in Schedule 2 for a benefit of two thousand dollars the same proportion as the difference between the portion of the benefit in respect of which contributions are payable under subparagraph (i) and the benefit for which he is contributing bears to two thousand dollars.

(3) Notwithstanding any other provisions of this section, a contributor, the date of confirmation of whose appointment was before the first day of June, one thousand nine hundred and sixty-four, and a contributor who makes or on whose behalf is made a payment to the Fund of not less than one hundred and thirty dollars pursuant to subsection (2) of section 18, shall make his contributions to the Fund in accordance with Scale 2 of the table of contributions contained in Schedule 2.

(4) Where under this section the contributions that would, but for this subsection, be payable by a contributor include a fraction of a cent, the contributions shall be calculated to the next higher whole cent.